The Inevitable Shift: From Private Blockchains to Public Innovation

Technological Transformation: A Comedic Journey

Let’s take a joyride through history, shall we? Our first stop is 1896, where a horse-drawn carriage maker decided to hop on the ‘internal combustion engine’ bandwagon. “Gas engines? Sure, they might be like fireworks indoors, but they’ll make our wagons way cooler!” Now, if that doesn’t sound like a sketch from a stand-up show, what does?

Let There be Light… and Candles?

Fast forward to 1918, the era when candlemakers were catching up with electricity but thought, “Let’s not plug in that light bulb just yet. We can use this newfangled power just for making candles!” I mean, who needs convenience when you can bask in a dimly lit room filled with the sweet scent of wax?

Fast Forward to the Internet Age

Now, shift gears to 1989. The postal service got wind of the internet and thought, “This is it! Now we can send emails as fast as we deliver junk mail!” Little did they know, their grand plan was just a toddler trying to walk.

The Great Blockchain Debate

And now, let’s plunge into 2022, where David Solomon, the CEO of a major investment bank, is strutting his stuff on the stage of the blockchain revolution. His pitch? Blockchain can really help banks, forgetting for a moment that we already have a solution to skip the middleman — cryptocurrency! It’s like deciding to give a woodpecker a hammer. Why fix what’s not broken?

History Has a Sense of Humor

The irony here is palpable. Each transformative tech heads straight into buggy territory. Early cars were known to break down more often than your emotionally unstable friend at a party. And electricity had a controversial start by executing poor animals while validating the skeptics. But look at us now, zooming around in self-driving cars and thanking Thomas Edison for more than just light bulbs.

Private Chains: A Recipe for Disaster

On a more serious note, let’s dissect the private blockchain bubble. We’re dumping heaps of money into private chains that don’t seem to deliver any candy. When banking executives advocate for private networks, it reminds us that while they may be wearing suits, they’re now also in pajamas — hiding from real innovation sparking in DeFi.

A Future of Possibilities

So where does that leave Wall Street? Stuck in traffic while the rest of us have already hopped on the highway of innovation- listening to the sweet melodies of decentralized finance, leaving behind archaic banking methods like some past era of music no one wants to revisit.